Mobile tops BBA study into UK consumer behaviour
Banking by mobile phone and tablet has become the primary way UK customers manage their finance, according to new research published by the British Bankers Association.
Mobile
Apple Pay to Meet the U.K. (June 9, 2015)
Apple Pay is coming to the U.K., but it’s unclear whether Apple is adjusting its business model to entice issuer participation as it moves across the pond.
Apple Pay comes to UK next month
Apple Pay will be available in the UK from next month, with eight of the UK’s most established banks and the major credit and debit card networks supporting it – along with Transport for London.
Visa Europe Predicts Mobile Payments Boom by 2020 (June 8, 2015)
The U.K. might not be a cashless society by 2020, but Visa Europe research predicts mobile payments will help displace cash as they gain popularity.
Reuters: Retailer Take-Up of Apple Pay Slow (June 8, 2015)
Reuters research suggests Apple may be having more trouble signing up top retailers to accept Apple Pay than the tech company anticipated.
Banks should know their customers’ digital skills says new report
As consumer adoption of mobile devices and social media increases, banks can’t really rely on standard details such as income, age and geography to serve customers better than their competitors, according to a new report by payments company TSYS and software firm FICO. Instead, they may need to recognise the different kinds of customers based on how they interact with digital technology and tailor their services accordingly.
Tokenisation is key to tackling threat of payment challengers
The vast majority of payments worldwide are still made in cash. But if mobile were to combine e-commerce with proximity payment, that could be a problem for banks. One potential solution is tokenisation.
Samsung Pay Pushes Back Launch, Adds Consumer Rewards Program (June 3, 2015)
Samsung Pay will roll out in September, a bit later than its originally planned summer 2015 launch. But when the m-payments service goes live in the U.S. and Korea, it will include a consumer rewards program.
Mobile Payments Providers Must Win Over Nearly 50% of U.K. Consumers (June 3, 2015)
Despite industry fervor behind mobile payments, 47 percent of U.K. consumers don’t want to use their phone to make payments, with 81 percent citing security concerns, according to a recent survey.
Security fears ‘putting people off’ contactless mobile payments
Nearly half of smartphone users do not want to use their device to make contactless payments, mostly over fears about security, according to a survey.
Mobile Fintech Surges in Global Funding Boom (June 2, 2015)
Fintech funding is booming globally and within the overall sector, mobile fintech is getting the most money.
P2P Push Continues as Oink Adds Transfer Function (June 2, 2015)
On the heels of Facebook’s app-based money transfer service expanding to New York City and adding functions, money management provider Virtual Piggy Inc. has unveiled a P2P transfer service of its own.
Android Pay Signals Turning Point for M-Payments
If Apple Pay provided the first example of a mobile wallet with the right ingredients to finally ignite user (and partner) interest, Google Inc.’s Android Pay platform is poised to accelerate m-payments scale.
Gift Card Buyers, Recipients Want It All: Plastic, Electronic, Omnichannel (May 27, 2015)
Gift card providers should expect stronger sales as the weather gets warmer and summer celebrations get into full swing, according to the latest research from the Retail Gift Card Association (RGCA).
Will Android Pay Make Banks Line Up for Google Wallet? (May 26, 2015)
Strong signs suggest Google Inc. this week will announce Android Pay, its new mobile payments API for developers, likely revitalizing prospects for Google Wallet, and kicking off a summer of fresh m-payments competition, putting the heat on Apple Pay and other emerging approaches.
Mobile banking: what consumers really want
The growth of mobile money has been a steep upward curve and looks set to continue – Juniper Research predicts that there will be one billion mobile banking users worldwide by the end of 2017, up from 590 million in 2013. A recent Forrester report predicted that purchases on mobile devices would double by 2018, as even more people become comfortable buying online and retailers create more user-friendly mobile experiences
MasterCard Send Promises Faster B2B, P2P Payments via Debit (May 21, 2015)
The race to accelerate payments heated up this week with the introduction of MasterCard Send, a new platform enabling the rapid transfer of funds by businesses, merchants, governments, nonprofits and card issuers to consumers via debit network rails.
APEX Europe: Apple Pay’s Business Model a Tough Sell in Europe (May 21, 2015)
Apple may have a hard time exporting its Apple Pay business model to Europe, where interchange revenue is much lower than in the U.S.—and about to get lower.
Axis Bank Offers P2P Payments with Ping Pay (May 21, 2015)
Customers of India’s Axis Bank are now able to send money to each other through Facebook, messaging apps Twitter and WhatsApp, email and phone contact lists using Ping Pay, a multi-social media app developed by Fastacash, a Singapore-based social payments vendor.
Alibaba Receives U.S. Money Transmitter License (May 19, 2015)
Alibaba, the China-based e-commerce giant, appears to be sharpening its focus on the U.S. payments arena.
Walmart Accepting Alipay m-Payments in China (May 19, 2015)
Walmart is making bold moves with mobile payments in China, where it’s signed on with e-commerce giant Alibaba to accept mobile payments via the Alipay Wallet in 25 of its 410 Chinese outlets, the Arkansas-based retailer announced this week.
Customers’ Coffee Costs a Latte More; Must Improve Password Maintenance (May 19, 2015)
Starbucks customers last week noticed their purchases were costing a lot more than expected after hackers exploited the Starbucks app’s auto-reload function that’s connected to consumers’ payment cards, according to reports.
Samsung Terminates Wallet, Prepares for Samsung Pay Rollout in U.S., Europe and Korea (May 18, 2015)
Samsung is terminating its mobile wallet service at the end of June, paving the way for Samsung Pay, its mobile payment service for Android devices.
Aite Study: Gathering Steam, NFC Payments Set to Skyrocket (May 18, 2015)
Proximity payment transaction volume is estimated at $7.5 billion this year and is expected to grow gradually before skyrocketing to $487 billion in 2020, according to an Aite Group report.
Mobile banking users to double by 2020
On the background of a recent study revealing that UK mobile banking users are set to double to 32.5 million by 2020, banks need to tailor their customer experience models heavily towards mobile devices, with the fundamental focus on creating a “mobile-first” strategy, if not the more radical “mobile-only” strategy
Indian bank launches WhatsApp, Facebook, Twitter mobile payments
India’s Axis Bank has released a mobile payments service called Ping Pay, which allows customers to send money to each other using Facebook, Twitter, WhatsApp, email or phone number. The bank says the service will help it to reach young consumers and smartphone users.
LevelUp Breaks into POS Mobile Carrier Billing via Sprint (May 13, 2015)
LevelUp is trying something it says is a first in the U.S.—enabling users of its mobile payments platform to charge in-store purchases to their mobile phone bills, beginning with Sprint customers.
Alibaba Could Open Apple Pay’s Door to China (May 12, 2015)
Two of the biggest names in global commerce are exploring a partnership that could bring Apple Pay to China.
Mitek Verifies Consumers with the Snap of a Driver’s License (May 12, 2015)
Mitek Systems has unveiled authentication technology, which it says will improve customer acquisition efforts by enabling issuers to instantly verify a consumer remotely or in a brick-and-mortar bank location using a driver’s license.
Halifax doubles mobile user base in a year
UK retail bank Halifax reports that two-thirds of its customers are now using mobile to login, doubling the number of mobile banking sessions compared to a year ago.
O2 Buys Weve, Ends Telco JV’s M-Payment Plans (May 7, 2015)
Weve, the U.K. telco-led mobile wallet joint venture of O2, Vodafone and EE, this week announced another major reorganization, abandoning its earlier mobile payments ambitions to focus on mobile advertising, under the sole ownership of O2.
V.me Set for Full Rollout in U.K. (May 7, 2015)
The U.K. rollout of Visa Europe’s V.me digital wallet is picking up steam, the payments network said, with support from banks representing more than half of the country’s 130 million cardholders and thousands of merchants.
Orange Cash Comes to Spain with Wirecard Support (May 7, 2015)
Wirecard Group will support the launch of mobile operator Orange’s Orange Cash mobile payments service in Spain.
Study: Pressure Intensifies on Banks to Innovate or Lose Competitive Edge (May 5, 2015)
As new payments technology seeks to disrupt the industry status quo, pressure is intensifying for financial institutions to adapt through innovation, or risk losing their existing leadership in the value chain, a new study from ACI Worldwide suggests.
Survey: More Consumers Plan to Use Mobile Payments; Security Perceptions Improve (May 5, 2015)
Consumers’ perceptions of mobile payments security have improved, along with the number of consumers who say they’re likely to use a mobile payment app in the next 90 days, according to a new survey.
BBVA Revamps Corporate Structure for ‘Digital Transformation’ (May 5, 2015)
BBVA is shaking up its corporate structure as part of what the bank calls a “digital transformation.”
V.me by Visa to be rolled out in UK this year
Visa Europe says that it will roll out its V.me by Visa in the UK this year, having secured commitment from 55% of the UK’s card issuance base, which accounts for more than 60 million card holders, and thousands of the UK’s retailers. It will now be commercially available to the majority of internet shoppers in the UK before the end of 2015.
Demystifying mobile payments
As mobile handsets become more prevalent as a tool for retailers, for payments, loyalty and engaging with consumers in and out of the store, security of sensitive data becomes increasingly more important.
Citi Mobile Challenge demos ‘disruptive’ finalists in London
Mobile startups are changing the way customers interact with financial services around the world. Tier one banks know this, and are keen to get a piece of the action. This week, companies from EMEA demoed at the Citi mobile challenge in London in the final stage of an annual event that takes in hundreds of financial startups around the globe.
Retail banks face falling customer satisfaction and loyalty globally
At first glance the message for banks from the latest World Retail Banking Report 2015 looks like very bad news for traditional banks. Globally, customers’ propensity to leave their primary bank is on the rise while their willingness to make referrals or buy additional products from their primary bank has decreased significantly.
